Western

Portal 405 in San Carlos, Calif., will feature a six-story, 240,000-square-foot life science building.

Menlo Equities, Beacon Capital Break Ground on Portal 405 Life Sciences Building in San Carlos, California

by Amy Works September 18, 2023

SAN CARLOS, CALIF. — Menlo Equities and Beacon Capital Partners have broken ground on Portal 405, a life sciences building located at 405 Industrial Road in San Carlos. The 240,000-square-foot Portal 405 is slated for completion in late 2024. The six-story building will feature four lab and office floors above two levels of above-grade parking and two levels of subterranean parking. The building lobby will offer bike storage, restrooms with showers and lockers, and tenant amenity areas that can accommodate a fitness center and café. The building-top terrace on the sixth floor will provide an outdoor work and event space for tenants. The property is designed to accommodate multiple tenants or a single user. Mike Moran of CBRE and Clarke Funkhouser of Cushman & Wakefield are the marketing and leasing agents for the project.

September 18, 2023

Acquisitions Office Oregon Retail Western

Menashe Properties Buys Historic American Bank Building in Portland, Oregon for $13.6M

by Amy Works September 18, 2023

PORTLAND, ORE. — Portland-based Menashe Properties has acquired the American Bank Building, an office and retail building in Portland that on the National Register of Historic Places. The property traded for $13.6 million. Located at 621 SW Morrison St., American Bank Building features 183,735 square feet of office and retail space. Current tenants include CVS/pharmacy, Wells Fargo, Morgan Stanley and Greenleaf Juice Co. The property is adjacent to Pioneer Courthouse Square. Charles Safley of CBRE’s Pacific Northwest Capital Markets represented the undisclosed seller in the deal.

September 18, 2023

Acquisitions California Industrial Western

Stos Partners Sells 61,112 SF Industrial Complex in San Marcos, California for $12.5M

by Amy Works September 18, 2023

SAN MARCOS, CALIF. — Stos Partners has completed the disposition of an industrial complex at 1545-1565 La Mirada Drive in San Marcos. A private investor acquired the 3.3-acre property for $12.5 million. The 61,112-square-foot building features 21 grade-level, roll-up doors; secured outdoor storage areas; multiple ingress/egress points; and minimal first-floor office space. Stos Partners implemented a value-add and capital improvement program to the asset, which it originally acquired in 2021 for $8.8 million. The renovations included a new roof, parking lot, exterior paint, drought resistant landscaping and signage. Matt Pourcho, Anthony Delorenzo and Matt Harris of CBRE, along with Chris Roth, Rusty Williams and Jake Rubendell of Lee & Associates, represented Stos Partners. Brant Aberg and Bryce Aberg of Cushman & Wakefield represented the undisclosed buyer in the transaction.

September 18, 2023

Acquisitions Multifamily Nevada Western

Northcap Commercial Arranges $2M Sale of La Paloma Apartments in Las Vegas

by Amy Works September 18, 2023

LAS VEGAS — Northcap Commercial has arranged the off-market sale of La Paloma Apartments, a multifamily building in Las Vegas. The property traded for $2 million, or $117,647 per unit. Built in 1978, La Paloma Apartments features 17 residences. The property is located at 1509 E. Harmon Ave. Jerad Roberts, Devin Lee and Robin Willett of Northcap Commercial handled the transaction. The names of the buyer and seller were not released.

September 18, 2023

Acquisitions Colorado Industrial Western

Marcus & Millichap Brokers Sale of 52,550 SF Industrial Property in Henderson, Colorado

by Amy Works September 18, 2023

HENDERSON, COLO. — Marcus & Millichap has arranged the sale of an industrial asset located at 8777 Brighton Road in Henderson. Terms of the transaction were not released. Situated on 3.5 acres, the three-building property offers a total of 52,550 square feet of industrial space with 11 units, solar panels and a standalone office facility. Alyssa Tomback and Thimy Moraitis of Marcus & Millichap’s Denver office represented the seller and buyer, both private investors, in the deal.

September 18, 2023

California Development Mixed-Use Multifamily Office Restaurant Retail Top Stories Western

Presidio Bay Ventures Opens 6.4-Acre Springline Mixed-Use Development in Menlo Park, California

by John Nelson September 18, 2023

MENLO PARK, CALIF. — Presidio Bay Ventures, a San Francisco-based developer and investment firm, has officially opened Springline, a 6.4-acre mixed-use development near downtown Menlo Park in Silicon Valley. Situated adjacent to the Cal Train Station, the development features 200,000 square feet of office space, The Residences at Springline apartment community, a central plaza, two underground parking garages and 29,000 square feet of retail space. “We have delivered a magnetic destination in the heart of Silicon Valley that attracts the Bay area’s best to live, work and play,” says K. Cyrus Sanandaji, managing principal of Presidio Bay. “Over the past three years, we have created a destination with thoughtfully designed spaces that allow for tenants, residents and the local community to interact.” The Offices at Springline spans two buildings and features coworking space in the south building, as well as a golf simulator, entertainment lounge, fitness center, locker rooms, showers, outdoor fitness spaces, bicycle parking, electric vehicle charging stations and The Glade, an onsite dog park. Office tenants also have access to the Springline App that allows remote entry, direct access to property management, amenities, bookings and other services. The Offices are fully leased to global and regional tenants, including STG, Menlo Ventures, …

September 18, 2023

Acquisitions Arizona Multifamily Western

Wolff Sells Aiya Multifamily Community in Gilbert, Arizona to Olympus Property for $112M

by Amy Works September 15, 2023

GILBERT, ARIZ. — The Wolff Co. has completed the disposition of Aiya, an apartment property in Gilbert. Olympus Property acquired the asset for $112 million, or $311,11 per unit. Built in 2022 on 16 acres, Aiya features 360 studio, one-, two- and three-bedroom apartments with high ceilings, oversized windows and washers/dryers. Community amenities include electric vehicle charging stations, a swimming pool and spa, a conference room, private offices and a community kitchen with an espresso bar. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Additionally, Brain Eisendeath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged acquisition financing for the buyer.

September 15, 2023

Acquisitions California Loans Multifamily Western

IPA Capital Markets Arranges $62.1M Acquisition Financing for DUO Apartments in San Jose

by Amy Works September 15, 2023

SAN JOSE, CALIF. — Institutional Property Advisors (IPA) Capital Markets, a division of Marcus & Millichap, has arranged $62.1 million in acquisition financing for DUO Apartments, a multifamily property in San Jose. Built in 2020 on 4.6 acres, DUO Apartments features 301 residences and is 11 miles from downtown San Jose. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets originated the financing on behalf of the undisclosed borrower. IPA’s Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni brokered the sale of the leasehold interest. The 10-year, interest-only, government-sponsored loan is fixed at a 5.37 percent rate and features a 65 percent loan-to-value ratio.

September 15, 2023

Acquisitions Arizona NAI Office Western

NAI Horizon Brokers $10.6M Sale of Office Building in Gilbert, Arizona

by Amy Works September 15, 2023

GILBERT, ARIZ. — NAI Horizon has arranged the sale of an office building located at 1555 N. Fiesta Blvd. in Gilbert. The Commerce Insurance Co. sold the property to Graduation Solutions for $10.6 million. The buyer will relocate its business to the 29,000-square-foot second floor of the Fiesta Boulevard office building. Woodside Homes occupies the first floor of the property. Don Morrow and Dylan Whitwer of NAI Horizon represented the seller, while Julie Hance of Rick Brandt Real Estate represented the buyer in the transaction.

September 15, 2023

Arizona Development Healthcare Western

Willmeng Breaks Ground on 34,000 SF Clarence Wesley Health Center in Bylas, Arizona

by Amy Works September 15, 2023

BYLAS, ARIZ. — Willmeng Construction has broken ground on Clarence Wesley Health Center, which will serve the San Carlos Apache Tribe’s community in Bylas. Designed by Cuningham Architects, the 34,000-square-foot health center will provide the community with a modern medical facility, offering dental, pharmacy, optometry and imaging services. Clarence Wesley Health Center will replace the existing facility. Completion is slated for first-quarter 2025. The namesake of the new facility, Clarence Wesley, was dubbed “A Champion of Indian Rights.” Wesley served as chairman of the San Carlos Apache Tribe, president of the Inter-Tribe Council of Arizona and president of the National Congress of American Indians.

September 15, 2023

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